LONDON (Reuters) -Amazon.com (AMZN) said it planned to close all of its 19 Amazon Fresh UK convenience grocery stores, of which five would be converted to its Whole Foods Markets brand, less than five years after it entered the market.
Amazon Fresh pioneered "walk out" technology in Britain, enabling customers to skip the checkout line when they picked up groceries, including its own "by Amazon" brand.
It said on Tuesday it had taken the difficult decision to propose closing the stores after evaluating the business and the substantial growth opportunities in online delivery.
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It said it was seeing strong demand for household essentials and groceries from its Amazon.co.uk store, Amazon Fresh online, Whole Foods Market and its online delivery partnerships with Morrisons, Co-op, Iceland and Gopuff.
Next year it said it planned to introduce perishable groceries alongside everyday essentials and other products on Amazon.co.uk with same-day delivery.
In addition to expanding online grocery, it said it would convert five Amazon Fresh locations to Whole Foods Market, the U.S. chain it bought in 2017.
(Reporting by Paul Sandle; editing by Sarah Young)
(Reuters) -Chinese automakers sold more cars in Europe than the Renault and Audi brands in August, helped by booming plug-in hybrid sales, with models from BYD, Jaecoo and MG in the category's top-ten sellers, data from JATO Dynamics showed on Tuesday.
Tesla's Model Y remained Europe's most popular battery-electric vehicle (BEV), but its sales dropped 37% from the same month last year despite growing BEV sales overall, data from the research firm showed.
WHY IT'S IMPORTANT
Chinese automakers have ramped up exports of plug-in hybrid (PHEV) and hybrid electric vehicles (HEVs) to Europe and plan to build more models locally, minimising the impact of the European Union's tariffs on Chinese-made EVs.
PHEVs, which run on a combination of gasoline and electricity, are gaining in popularity as an affordable compromise between all-combustion and all-electric cars.
BY THE NUMBERS
Chinese carmakers had a combined market share of 5.5% in August with over 43,500 sales, up 121% from August 2024, the data showed. That was higher than Audi's 41,300 and Renault's 37,800.
PHEV sales in 28 European countries were up 59% in August to almost 84,000, with PHEVs of Chinese brands up 14-fold to 11,000.
BYD's Seal U, Chery's Jaecoo J7 and SAIC's MG HS were among Europe's 10 best-selling PHEVs.
BEV sales in Europe rose 27%, outperforming total market growth of 5%, the data showed.
KEY QUOTES
"There was strong demand for BEVs in August, however a 27% increase is less significant than it looks when you consider how widely they are being promoted," JATO Dynamics analyst Felipe Munoz said.
CONTEXT
BYD announced late last year it would start selling PHEVs in Europe. Earlier this month, it said it would make all its EVs for sale in Europe locally by 2028.
(Reporting by Alessandro Parodi. Editing by Mark Potter)
Brazil's central bank signals 'new stage' of steady interest rates
FILE PHOTO: FILE PHOTO: Drone view of Brazilian central bank's headquarters in Brasilia ·Reuters
Reuters
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SAO PAULO (Reuters) -Brazil's central bank said on Tuesday that it has entered a "new stage" in which policymakers opt to keep interest rates unchanged while evaluating whether the current level is enough to ensure inflation converges to its 3% target.
In the minutes from its latest meeting, where it held the benchmark Selic rate at a near two-decade high of 15% for the second consecutive time, the bank said that policymakers would not hesitate to resume a hiking cycle if deemed appropriate.
The rate-setting committee, nonetheless, acknowledged that the economic scenario is consistent with its current monetary policy stance, with the activity outlook pointing to a gradual moderation in growth.
"Now that the scenario has unfolded as expected, the committee begins a new stage in which it opts to keep the rate unchanged and to continue evaluating if... such strategy will be enough to ensure the convergence of inflation to the target," it said.
The central bank had halted in July an aggressive tightening cycle that added 450 basis points to the Selic rate since September 2024.
Policymakers vowed to remain vigilant and monitor the pace of activity, and particularly services inflation.
They noted that recent inflation readings showed a more favorable dynamic compared to what was expected earlier this year, but emphasized that deanchored inflation expectations remain a factor of discomfort shared by all committee members.
"Inflationary vectors remain adverse," the bank noted. "This scenario prescribes a significantly contractionary monetary policy for a very prolonged period to ensure the convergence of inflation to the target."
Brazil's 12-month inflation hit 5.13% in August, according to statistics agency IBGE. The central bank targets inflation at 3%, plus or minus 1.5 percentage points.
Finance Minister Fernando Haddad criticized the bank's monetary policy following the release of the minutes, saying in an interview with local outlet ICL that he saw "no justification" for the elevated borrowing costs.
"I believe there is room for interest rates to fall," he said.
(Reporting by Fernando Cardoso; Editing by Gabriel Araujo)
Shares of Boeing are on the rise this morning after the aircraft manufacturer secured a deal with Uzbekistan Airways said to be worth more than $8 billion.
Stock futures are little changed this morning after major indexes hit record highs for the third straight session yesterday; Nvidia (NVDA) shares are down slightly in premarket trading after surging following news of the company's $100 billion investment in OpenAI; Micron Technology (MU) is expected to report strong earnings when it releases its financials after markets close today; Boeing (BA) shares are rising after the aircraft manufacturer signed its biggest-ever single order; and the OECD projects U.S. GDP growth will remain resilient this year but will slow in 2026 as tariffs and lower immigration weigh on the economy. Here's what investors need to know today.
1. Stock Futures Flat After Three Days of Record Highs
Stock futures are flat after major market indexes hit record highs for the third consecutive session yesterday. Investors will be following remarks from Federal Reserve Chair Jerome Powell today after the central bank last week made its first interest rate cut of the year. Futures tied to the blue chip Dow Jones Industrial Average were up 0.1% in recent trading, while those linked to the benchmark S&P 500 and the tech-heavy Nasdaq fell fractionally. Gold futures hit another record high this morning, trading at around $3,820 an ounce. Bitcoin (BTCUSD) was up slightly at around $113,000. The yield on the 10-year Treasury note, which affects borrowing costs on a wide array loans, was at 4.12% recently, down from 4.15% at yesterday's close.
2. Nvidia in Focus After $100 Billion Investment in OpenAI
Nvidia (NVDA) shares are in focus after the world’s most valuable company said yesterday it would invest up to $100 billion into ChatGPT-maker OpenAI. Shares of Nvidia surged on the news yesterday, gaining close to 4%, while other chipmakers also moved higher. "This investment and infrastructure partnership mark the next leap forward—deploying 10 gigawatts to power the next era of intelligence," Nvidia CEO Jensen Huang said in a release. Nvidia said the first of those 10 gigawatts is expected to be deployed in the second half of next year. Nvidia shares were down about 1% in premarket trading.
3. Micron Expected to Report Strong Earnings Growth
Memory chip maker Micron Technology (MU) is set to release its earnings report after markets close today. Analysts are expecting continued strong sales from the company as the Nvidia-partner has seen strong data center sales from AI-driven demand. Analysts tracked by Visible Alpha expect Micron's adjusted earnings per share to more than double to $2.82, while quarterly revenue is estimated to have risen 43% from the year-ago quarter to $11.12 billion. The chipmaker’s stock hit a new record high last week amid bullish analyst sentiment over the company’s AI exposure. Shares of Micron were up more than 1% ahead of the opening bell.
4. Boeing Shares Rise on News of Big 787 Dreamliner Order
Shares of Boeing (BA) are moving higher this morning after the company announced its single largest order in history. Boeing will sell up to 22 787 Dreamliners to Uzbekistan Airways, which the company said will support 35,000 jobs. In a Truth Social post, President Donald Trump said the deal was worth over $8 billion deal and came after he spoke with Uzbekistan President Shavkat Mirziyoyev earlier this month. Meanwhile, Bloomberg reported that the U.S. and China are in the final stages of negotiations on a large order for Boeing aircraft. Boeing’s second-quarter deliveries shot past analysts' estimates as the plane maker continues its turnaround under a new CEO. Shares of Boeing, which through Monday's close had gained 20% so far this year, were up more than 2% in premarket trading.
5. OECD Says Tariffs, Lower Immigration to Weigh on U.S. GDP in 2026
The Organization for Economic Cooperation and Development on Tuesday raised its growth forecast for the U.S. economy in 2025 on the back of AI investments, but noted that tariffs and lower net immigration would lead to slowing growth next year. The OECD said it expects the U.S.'s annual real GDP growth rate to come in at 1.8% in 2025, up from from its previous projection of 1.6%. However, U.S. GDP is projected to grow by just 1.5% next year. "Strong AI-related investment boosted outcomes in the United States," the Paris-based body said, but also noted that GDP growth is falling from 2024 as "strong investment growth in high technology sectors is more than offset by higher tariff rates and a drop in net immigration."
(Reuters) -U.S. utility Sempra said on Tuesday it would sell a stake in its infrastructure unit for $10 billion in cash, as well as greenlit a $14 billion expansion of its Port Arthur LNG project in Texas.
The company will sell a 45% equity interest in Sempra Infrastructure Partners, which has liquefied natural gas assets and related pipeline and storage infrastructure, to KKR and Canada Pension Plan Investment Board.
Private equity firms are racing to bulk up on power infrastructure assets as electricity consumption surges to record levels, driven primarily by data centers dedicated to AI operations and rising domestic use.
After the deal closes, a KKR-led consortium will become the majority owner of the unit with a 65% stake, while Sempra will retain a 25% interest alongside Abu Dhabi Investment Authority's existing 10% stake.
The deal, implying an equity value of $22.2 billion for Sempra's unit, is expected to close between the second and third quarters of 2026.
Sempra expects the deal to add about 20 cents to annual earnings per share from 2027.
Shares of the company rose 3.2% to $85 in premarket trading.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Shilpi Majumdar)
Better Home & Finance (BETR) stock gained more than 25% in premarket trading on Tuesday, adding to Monday's 46% rally after activist investor Eric Jackson called the company "the Shopify of mortgages."
Better Home, which opened for trading at $33.50 on Monday, traded as high as $73 in the wake of Jackson's announcement before giving up some of those gains and settling around $50 at Monday's close. Shares sat around $64 on Tuesday morning.
Jackson said in the post that his hedge fund, EMJ Capital, has a long position in the stock.
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"Better [Home] ($BETR) is the Shopify of mortgages," Jackson wrote. "It's rebuilding a $15T industry from scratch with AI ... I believe BETR is a potential 350-bagger in 2 years."
"They laugh at BETR now at $34 like they laughed at [Carvana] at $3.50 and OPEN at 51¢. But this is no meme," he added.
Shopify (SHOP), the software giant whose technology enables companies to set up online storefronts, has become a dominant force in the past few years in shaping how direct-to-consumer e-commerce business is transacted.
Carvana (CVNA), the stock pick that made Jackson a big name in retail trading circles, was trading below $10 when he first engaged with the company's leadership in February 2023. The stock now trades at more than $390.
Jackson's call comes after a months-long saga of upheaval and price swings at fellow real estate company Opendoor Technologies (OPEN), which Jackson price-targeted at $82 in July while the company was trading firmly in penny-stock territory below $1.
Opendoor, which now trades north of $8, most recently jumped on the news that Kaz Nejatian, the COO of Shopify, would be taking over as CEO. This comes after Opendoor's previous chief, Carrie Wheeler, resigned amid intense pressure from Jackson, co-founder Keith Rabois, and the company's retail investor base, largely arguing that Wheeler lacked the appetite for ambitious growth needed to take the company into its next stage.
Better Home, like Opendoor, is a digital-native real estate company intent on revolutionizing the housing market through AI and other new technologies.
Where iBuyer Opendoor uses algorithms to quickly buy and flip houses for a profit, Better Home & Finance instead provides mortgage loans, homeowners insurance, and other services involved in the homebuying process.
Jackson's public bet on Better Home & Finance comes just after the Federal Reserve cut rates by 25 basis points — an easing policy that is likely to provide a small boost to the home financing landscape.
StockStory aims to help individual investors beat the market.
Jake Conley is a breaking news reporter covering US equities for Yahoo Finance. Follow him on X at @byjakeconley or email him at jake.conley@yahooinc.com.
China is hurtling towards a record $1.2 trillion trade surplus.
(Bloomberg) -- President Xi Jinping’s export engine has proved unstoppable during five months of sky-high US tariffs, sending China toward a record $1.2 trillion trade surplus.
With access to the US curtailed, Chinese manufacturers have shown they aren't backing down: Indian purchases hit an all-time high in August, shipments to Africa are on track for an annual record and sales to Southeast Asia have exceeded their pandemic-era peak.
That across-the-board surge is causing alarm abroad, as governments weigh the potential damage to their domestic industries against the risk of antagonizing Beijing — the top trading partner for over half the planet.
While so far only Mexico has hit back publicly this year — floating tariffs as high as 50% on Chinese products including cars, auto parts and steel -- other countries are coming under increasing pressure to act. Indian authorities have received 50 applications in recent weeks for investigations into goods dumping from nations including China and Vietnam, according to a person familiar with the matter who asked not to be identified as the information isn’t public. Indonesia’s trade minister pledged to monitor a deluge of goods, after viral videos of Chinese vendors touting plans to export jeans and shirts for as little as 80 US cents to major cities caused an outcry.
For all the pain, the chances of more meaningful action are limited. Countries already embroiled in tariff negotiations with the Trump administration appear reluctant to take on a separate trade war with the world’s second-largest economy. That’s giving Beijing breathing room from US levies at heights economists previously predicted would halve the nation's annual growth rate.
“The subdued response is probably informed by ongoing US trade negotiations,” said Christopher Beddor, deputy China research director at Gavekal Dragonomics. “Some countries may not want to be seen as contributing to a breakdown in the global trading system. Some may also be holding back on tariffs against China in order to offer them as concessions to the US during their own trade negotiations.”Officials shielding their economies from Beijing are treading carefully. South Africa’s trade minister has advised against punitive tariffs on Chinese car exports — which nearly doubled this year — and is instead seeking more investment. Chile and Ecuador are quietly imposing targeted fees on low-cost imports, after Chinese e-commerce giant Temu’s monthly active users in Latin America soared 143% since January. While Brazil has threatened more aggressive retaliation, this summer it gave China’s biggest electric car maker, BYD Co Ltd, a tariff-free window to ramp up local production.
A BYD Brazil factory under construction in Camacari, Brazil in January. Photographer: Tuane Fernandes/Bloomberg
Beijing is using both diplomatic charm and economic threats to prevent countries from taking outright retaliation. Earlier this month, China’s president rallied BRICS nations to forge a united voice against protectionism during a leaders’ call of the bloc, while Commerce Ministry officials have warned Mexico to “think twice” before acting, making clear such steps will have recriminations. Adding to the risks, Trump is pressuring NATO nations to impose tariffs up to 100% on China over its support for Russia. Chinese officials say their trade with the world is within reasonable bounds and that Beijing isn’t out to dominate global markets. “When there’s demand from abroad, China exports accordingly," Vice Finance Minister Liao Min said in July. The state-run People’s Daily newspaper on its social media account last month hit back against Western criticisms of “dumping,” arguing that China’s exporters don’t sell below cost. If Trump does corral other countries to gang up on China, it’ll make dealing with internal challenges such as a prolonged property crash and an aging population harder, according to Chang Shu and David Qu of Bloomberg Economics. “Beijing will likely hit back with reciprocal tariffs immediately, but that risks alienating partners at a time when it critically needs allies,” they said. “Over time, it may also encourage firms to localize production in partner countries.”
While Chinese exporters are defying the odds, surging trade isn’t making them richer — or helping the nation’s domestic issues. Profits at industrial firms fell 1.7% in the first seven months, as manufacturers trying to reduce overcapacity at home under Xi’s “anti-involution” drive slashed prices to sell more overseas. That’s only worsening China’s sticky deflation, on track for its longest spell since the country began opening up in the late 1970s.
The export explosion could also undermine Beijing’s efforts to rebalance its economy toward stimulating consumption — defying foreign officials such as US Treasury Secretary Scott Bessent, who has urged Beijing to make boosting the Chinese consumer a pillar of its blueprint for the next half-decade. China’s policy document outlining those plans will be in focus in the coming weeks at a key Communist Party meeting.
For Xi, the risks might just be worthwhile. Showing the world China doesn’t need the US consumer strengthens his hand going into a high-stakes meeting with Trump at a summit in South Korea. The world’s biggest economies are still hashing out a possible trade deal, with a 90-day pause on tariffs as high as 145% currently keeping the peace.
China Shock 2.0
Even before Trump stunned the world with America’s steepest tariffs since World War II in April, emerging markets at risk of shedding millions of manufacturing jobs were worried about a glut of Chinese goods. Indonesia’s previous president threatened a 200% tariff to protect local industry, while Brazil has hiked duties on Chinese steel. Even Vietnam took temporary action against Chinese online retail giants that undercut local sellers.
Ultimately, it’s been hard for foreign leaders to protect their economies from China’s vast fleet of factories.
“Protectionism from the US and other countries has turned into a paper tiger because Chinese exporters are extremely competitive,” said Arthur Kroeber, head of research at Gavekal Dragonomics. They “can absorb some of the tariff hit and also have plenty of workarounds through transshipment and relocating late-stage production to lower-tariff countries.”
China’s trade surplus last year was almost $1 trillion and is on track to exceed that in 2025, based on Bloomberg calculations.
Cambodia’s central bank governor Chea Serey was candid about the balancing act smaller economies reliant on Beijing are having to perform. “We do import a lot from China,” she told Bloomberg Television earlier this month, when asked about Chinese dumping. “We also rely a lot in terms of foreign direct investment from China.”
While a rise in shipments to Vietnam suggests some goods destined for US shores and other places are being re-routed to bypass Trump’s wall of tariffs, that’s only part of the picture. Demand for China’s world-beating, high-tech innovations helped drive much of the recent traffic. Rising sales to wealthy markets in Europe and Australia also indicate Beijing simply found new buyers for many products.
India shows how Trump’s redrawing of the global trade map is benefiting Beijing in new ways. Exports to China’s neighbor hit a record $12.5 billion last month, driven largely by Apple Inc.’s suppliers rapidly shifting output of iPhones to India from its Asian neighbor. Those companies, however, still depend on parts and tooling made mostly in China.
In July, Chinese firms shipped almost $1 billion worth of computer chips to India and billions of dollars more worth of phones and parts, according to data released by Beijing. That puts exports on track to exceed last year’s record, with the value of shipments so far this year almost as large as the whole of 2021.
“China has performed better than expected in the first half,” JPMorgan Chase & Co.’s chief India economist Sajjid Chinoy told Bloomberg Television. “Some of this is the fact that China has very cleverly found other export markets, including Europe, which has been a key hedge to slowing exports to the US.”
Read more on Chinese trade:
China Exports to US Slump 33% But Trade Surplus Heads for Record
China Pours Exports Into Africa Faster Than Anywhere Else
A Chinese E-Commerce Glut Is Meeting Resistance in Latin America
Shanghai’s Yangshan Deepwater Port in May.Photographer: Qilai Shen/Bloomberg
A weaker currency gave China another edge. The yuan has depreciated along with the dollar against currencies such as the euro. Macquarie Bank previously estimated the yuan’s real effective exchange rate — which accounts for inflation differentials between a nation and its main trading partners — was at the weakest level since December 2011.
And the Federal Reserve’s rate cut this month could drag the dollar and possibly the yuan down further, boosting both global demand and also the competitiveness of Chinese exports.
For all the consternation around the world, the glut of goods cascading from China won’t be easy to stop. Chinese electric car exports have continued to power ahead despite steps by the US and Canada to curb them with punitive tariffs and bans.
In the first seven months of this year, carmakers such as Nio, BYD and Xpeng Inc. exported more than $19 billion worth of electric-powered vehicles, about the same as in the same period last year, with Europe being the largest market even after the EU imposed tariffs last October.
China’s in a better position than many other countries to find alternative markets to the US, according to Adam Wolfe of Absolute Strategy Research. Its analysis shows there’s almost a 50% overlap between what China sold to the US and what it exports to BRICS nations, suggesting much of what America no longer buys can be shipped to other markets.
“China’s shown this ability to move into other markets and get market share abroad and that probably continues,” said Wolfe. “I don’t know that China is going to see a contraction in exports over the rest of the year.”
--With assistance from Shruti Srivastava, Philip Heijmans, Claire Jiao, Haslinda Amin, Linda Lew, Ntando Thukwana, Andy Lin and Alex Vasquez.
(Updates with details on China’s trade surplus this year.)
SAN FRANCISCO (Reuters) -Nvidia's (NVDA) move to invest up to $100 billion into OpenAI (OPAI.PVT) at the same time it plans to supply millions of its market-leading artificial intelligence chips to the ChatGPT creator has little precedent in the tech industry.
Under the deal, Nvidia will be taking a financial stake in one of its largest customers, but without receiving any voting power in return, according to a person close to OpenAI. The ChatGPT maker will receive some - but not nearly all - of the capital it needs for its ambitious plans to build the sprawling supercomputers required to develop new generations of AI.
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Nvidia's initial $10 billion investment would go toward a gigawatt of capacity using its next-generation Vera Rubin chips, with a build-out starting in the second half of 2026.
The deal raises many questions. Here are five of the biggest ones:
WHERE DOES THE REST OF THE MONEY COME FROM?
In an earnings call in August, Nvidia CEO Jensen Huang said that AI data centers cost about $50 billion per gigawatt of capacity to build out, with about $35 billion of that money going toward Nvidia's chips and gear.
Nvidia has committed to investing in OpenAI to help it build 10 gigawatts of data center capacity, or about $10 billion per gigawatt. That leaves about $40 billion in additional capital required for each gigawatt of capacity OpenAI plans to build. OpenAI has not signaled whether it agrees with Huang's cost estimates or, if it does, where it would procure the additional funds.
OpenAI did not return a request for comment about its funding plans. Nvidia declined to comment beyond what it has said publicly.
WHAT DOES IT MEAN FOR OPENAI'S EFFORTS TO BECOME A FOR-PROFIT?
OpenAI is a non-profit corporation, a structure that dates to its days as an AI research group. It has been looking to change to a more conventional structure that would allow it to more easily raise money and hold a public offering.
OpenAI has held extensive discussions with Microsoft (MSFT), a major shareholder that funded OpenAI's early computing needs, to change its structure. Earlier this month, the two firms said they had reached a tentative deal on OpenAI converting to a for-profit public benefit corporation that would be overseen by OpenAI's existing non-profit, though that move still needs approval from state officials in Delaware and California.
On Monday, a person familiar with the matter told Reuters that Nvidia would be making a cash investment into OpenAI similar to other OpenAI investors. Moreover, Nvidia's initial $10 billion investment will not begin until OpenAI and Nvidia reach a definitive agreement in the coming months.
It was not immediately clear whether Nvidia planned to invest in OpenAI's non-profit entity or whether its plans depend on OpenAI's conversion to a public benefit corporation overseen by a non-profit.
WHAT DOES IT MEAN FOR OPENAI'S VALUATION?
OpenAI is currently valued at $500 billion, and a person familiar with the matter told Reuters that Nvidia's initial $10 billion investment for one gigawatt of capacity would be at that valuation.
But neither Nvidia nor OpenAI gave a timeframe for the entire 10 gigawatts of capacity coming online or for the $100 billion of investment to take place. Also unanswered is whether subsequent Nvidia investments in OpenAI would take place at OpenAI's current valuation, or at the valuation of the company at the time Nvidia makes each investment.
WHAT DOES IT MEAN FOR COMPETITION?
The deal between Nvidia and OpenAI could see Nvidia earmarking a significant number of its chips, which remain in high demand several years into the AI boom and access to which can determine success or failure in the field, to a single customer in which it is also a shareholder.
An important question is whether OpenAI's rivals such as Anthropic (ANTH.PVT), or even Microsoft, which competes with OpenAI to sell AI technology to businesses, will retain access to Nvidia's chips. The deal also raises questions about whether AMD, which is aiming to compete with Nvidia in selling chips to OpenAI and others, will have a viable chance of selling chips to AI companies.
WHAT DOES IT MEAN FOR ORACLE?
Oracle (ORCL) said earlier this month that it has signed hundreds of billions of dollars in contracts to provide cloud computing services to OpenAI and a handful of other large customers, which sent its stock soaring and made co-founder Larry Ellison one of the world's richest people.
But one of the key questions lingering after that forecast - and a question that debt-rating firm Moody's raised - is whether OpenAI has the cash to pay for the contracts.
On Monday, shortly before Nvidia's announcement, Oracle re-affirmed its forecast as it named two new CEOs. It is possible that Nvidia's investment plans could put Oracle's revenue forecast on a firmer footing because a key customer, OpenAI, has fresh capital commitments.
(Reporting by Stephen Nellis in San Francisco; Editing by Muralikumar Anantharaman)
